Candel Therapeutics, Inc.
Business
Candel Therapeutics is a clinical-stage biopharmaceutical company developing off-the-shelf viral immunotherapies using engineered adenovirus and herpes simplex virus vectors for cancer treatment. Its lead product, aglatimagene, is a replication-defective adenovirus administered intratumorally with valacyclovir, with a positive phase 3 trial in localized prostate cancer and ongoing phase 2a trials in lung and pancreatic cancer. Its second platform candidate, linoserpaturev, is a replication-competent HSV in phase 1b trials for glioma.
Summary from 10-K filed 2026-03-12
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Research and development | 30 | 19 | 25 | 21 | 15 | |
| General and administrative | 18 | 14 | 14 | 14 | 11 | |
| Total operating expenses | 48 | 33 | 38 | 35 | 26 | |
| Loss from operations | −48 | −33 | −38 | −35 | −26 | |
| Grant income | 89,000 | — | — | 48,000 | 1 | |
| Interest income | 4 | 1 | 2 | — | — | |
| Interest expense | −2 | −2 | −3 | — | — | |
| Change in fair value of warrant liabilities | 8 | −21 | 966,000 | 16 | −11 | |
| Total other income (expense), net | 10 | −22 | 452,000 | 16 | −10 | |
| Net loss and comprehensive loss | −38 | −55 | −38 | −19 | −36 | |
| Net loss per share - basic | −0.72 | −1.74 | −1.31 | −0.65 | −1.91 | |
| Net loss per share - diluted | −0.72 | −1.74 | −1.31 | −0.65 | −1.91 | |
| Weighted-average common shares outstanding, basic | 53 | 32 | 29 | 29 | 19 | |
| Weighted-average common shares outstanding, diluted | 53 | 32 | 29 | 29 | 19 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 120 | 103 | 35 | 70 | 83 | |
| Prepaid expenses and other current assets | 2 | 1 | 1 | 2 | 2 | |
| Total current assets | 121 | 104 | 37 | 72 | 85 | |
| Fixed assets, net | 2 | 2 | 3 | 4 | 4 | |
| Lease right of use assets | 2 | 542,000 | 816,000 | 1 | — | |
| Restricted cash | 416,000 | 266,000 | 266,000 | 266,000 | 424,000 | |
| Other assets | 87,000 | 63,000 | 116,000 | — | — | |
| Total assets | 125 | 107 | 41 | 78 | 89 | |
| Accounts payable | 1 | 237,000 | 422,000 | 380,000 | 2 | |
| Accrued expenses | 7 | 5 | 4 | 5 | 3 | |
| Current portion of term loans | 0 | 10 | 9 | — | — | |
| Current portion of lease liability | 445,000 | 566,000 | 513,000 | 464,000 | — | |
| Warrant liabilities | 0 | 22 | 0 | — | — | |
| Other current liabilities | 89,000 | 0 | — | 48,000 | 334,000 | |
| Total current liabilities | 9 | 38 | 14 | 6 | 5 | |
| Deferred revenue | 89,000 | 0 | — | 144,000 | — | |
| Term loans, net of current portion | 46 | 2 | 12 | 20 | — | |
| Other long-term debt | 1 | 870,000 | 751,000 | 648,000 | 560,000 | |
| Lease liability, net of current portion | 1 | 407,000 | 973,000 | 1 | — | |
| Warrant liabilities | 16 | 0 | 916,000 | 2 | 18 | |
| Total liabilities | 73 | 41 | 28 | 30 | 25 | |
| Commitments and contingencies (Note 15) | — | — | — | — | — | |
| Preferred stock, $0.01 par value; 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issued or outstanding at December 31, 2025 and 2024, respectively. | — | — | — | — | — | |
| Common stock, $0.01 par value; 150,000,000 shares authorized at December 31, 2025 and 2024; 55,020,911 and 46,933,088 shares issued at December 31, 2025 and 2024, respectively; and 54,898,303 and 46,810,480 shares outstanding at December 31, 2025 and 2024, respectively. | 550,000 | 469,000 | 290,000 | 290,000 | 286,000 | |
| Treasury stock (at cost) | −448,000 | −448,000 | −448,000 | −448,000 | — | |
| Additional paid-in capital | 282 | 259 | 150 | 147 | 144 | |
| Accumulated deficit | −230 | −192 | −137 | −99 | −80 | |
| Total stockholders' equity | 52 | 66 | 13 | 48 | 64 | |
| Total liabilities and stockholders' equity | 125 | 107 | 41 | 78 | 89 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net loss | −38 | −55 | −38 | −19 | −36 | |
| Depreciation expense | 800,000 | 1 | 1 | 800,000 | — | |
| Impairment of fixed assets | 90,000 | 41,000 | 390,000 | — | — | |
| Loss on the sale and disposal of fixed assets | 300,000 | 0 | 79,000 | — | — | |
| Non-cash stock compensation expense | 4 | 5 | 3 | 2 | 3 | |
| Non-cash lease expense | 321,000 | 274,000 | 240,000 | 209,000 | — | |
| Non-cash interest expense | 138,000 | 119,000 | 103,000 | 89,000 | 76,000 | |
| Accretion of debt discount | 360,000 | 270,000 | 323,000 | 291,000 | — | |
| Prepaid expenses and other current assets | −508,000 | 234,000 | 503,000 | 416,000 | −2 | |
| Other assets | −24,000 | 53,000 | −116,000 | — | — | |
| Accounts payable | 802,000 | −185,000 | 45,000 | −1 | 669,000 | |
| Accrued expenses | 2 | 757,000 | −301,000 | 1 | 297,000 | |
| Deferred income | 178,000 | — | −192,000 | 67,000 | −125,000 | |
| Lease liability | −509,000 | −513,000 | −464,000 | −464,000 | — | |
| Net cash used in operating activities | −38 | −27 | −34 | −31 | −22 | |
| Purchase of fixed assets | −587,000 | −16,000 | −457,000 | −1 | −2 | |
| Proceeds from the sale of fixed assets | 27,000 | — | 177,000 | — | — | |
| Net cash used in investing activities | −560,000 | −16,000 | −280,000 | −1 | −2 | |
| Proceeds from term loan, net of issuance costs | 48 | — | — | — | — | |
| Proceeds from issuance of common stock in registered direct offering, net of issuance costs | 14 | — | — | — | — | |
| Proceeds from option exercises | 516,000 | 2 | — | 64,000 | 35,000 | |
| Principal payments on term loan payable to a bank | −12 | −9 | — | — | — | |
| Net cash provided by financing activities | 56 | 94 | −121,000 | 20 | 72 | |
| Net increase in cash, cash equivalents and restricted cash | 17 | 67 | −35 | −13 | 48 | |
| Cash paid for interest | 1 | 2 | 2 | 1 | — | |
| Change in right of use asset and lease liability due to lease amendment | 1 | — | — | — | — | |
| Initial fair value of warrant liability in connection with debt financing | 2 | — | — | — | — | |
| Capital expenditures in accounts payable and accrued expenses | 132,000 | — | — | 69,000 | — | |
| Deferred offering issuance costs in accounts payable and accrued expenses | 93,000 | — | — | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Candel Therapeutics, Inc.'s CIK number?
Candel Therapeutics, Inc.'s SEC CIK number is 0001841387 (1841387). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Candel Therapeutics, Inc.'s SEC filings?
All of Candel Therapeutics, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Candel Therapeutics, Inc. last report earnings?
Candel Therapeutics, Inc. (CADL) most recently filed an earnings 8-K with the SEC on May 14, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-222892). This is Candel Therapeutics, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Candel Therapeutics, Inc.'s most recent earnings 8-K?
Candel Therapeutics, Inc.'s latest earnings 8-K (Item 2.02) was filed May 14, 2026 under accession 0001193125-26-222892. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Candel Therapeutics, Inc.'s latest earnings 8-K →
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